Announcement of R&D tax refund for 2023 financial year

EQ Resources Limited (ASX: $EQR) is set to receive a cash refund of $2.17 million following the approval of its Research and Development (R&D) Tax Refund application for the 2023 financial year. The refund has been awarded for a range of eligible R&D activities undertaken at EQR's Mt Carbine Tungsten Mine, reflecting the company's commitment to operational improvement and innovation.

Executive Commentary on R&D Tax Refund

This substantial support from the Government once more recognises our ongoing commitment to innovative mining processes and sustainable development within the critical minerals sector. The R&D tax refund empowers us to further enhance and expand our strategic mineral projects at the Mt Carbine mine, and by doing this with a mindset embracing continuous improvement initiatives. This is a testament to our team's hard work and dedication to advancing the mining industry through innovative and sustainable practices.

Summary of R&D Tax Refund Announcement

EQ Resources Limited (ASX: $EQR) has announced the approval of its Research and Development (R&D) Tax Refund application for the 2023 financial year, resulting in a cash refund of $2.17 million. The refund has been awarded for eligible R&D activities undertaken at EQR's Mt Carbine Tungsten Mine, demonstrating the company's commitment to operational improvement and innovation. The ongoing Government endorsement of the Mt Carbine operations recognizes the vital role of EQR as a critical mineral producer and a contributor to industry-wide knowledge sharing on optimizing minerals processing operations across Australia. The R&D monies support the company's accelerated expansion plan to double capacity at the Mt Carbine Tungsten Mine. EQ Resources' Chief Executive Officer, Kevin MacNeill, emphasized the significance of the R&D tax refund in empowering the company to enhance and expand its strategic mineral projects at the Mt Carbine mine, furthering its commitment to innovative and sustainable practices within the critical minerals sector.